Share
Colombia’s President Gustavo Petro proposed a renewable-powered Bitcoin mining hub on the Caribbean coast in an X post on May 5, 2026, naming Barranquilla, Santa Marta, and Riohacha as potential development centers. He also floated the idea of giving the Wayúu indigenous community co-ownership of the venture.
A World Bank report estimated that roughly 75% of the country’s electricity comes from renewable sources, more than double the global average. Petro was responding to Luxor Technology’s Alessandro Cecere, who highlighted Paraguay’s rise to 4.3% of global Bitcoin hashrate, driven by surplus hydro power from the Itaipu Dam.
Paraguay remains Latin America’s clearest example of how surplus energy can drive Bitcoin mining growth. The country holds roughly 43 EH/s of global hashrate as of Q2 2026, fourth worldwide behind the US, Russia, and China, largely powered by hydro surplus from the Itaipu Dam.
Hashrate Index’s April 2026 Latin America mining report showed Paraguay’s mining output grew 54% year-over-year despite a prolonged global hashprice downturn, with institutional operators including HIVE Digital and Alps Blockchain continuing to expand there.
🇵🇾⛏️ We just published @hashrateindex's deepest dive on the State of Bitcoin Mining in Paraguay 2026.
Paraguay is the 4th largest Bitcoin mining jurisdiction on earth. Here is everything that matters from the report, and why Venezuela could become the dormant competitor… pic.twitter.com/uE2jO0bcr8
— Sultán (@elsultanbitcoin) May 4, 2026
Hashlabs managing partner Jaran Mellerud has argued that Bitcoin mining turns stranded electricity into economic value for emerging markets; this is the same logic that underlies Petro’s proposal. Meanwhile, US-listed miners have directed over $70 billion toward AI contracts, opening the global hashrate race to cheaper-energy markets.
Colombia, however, faces political uncertainty that Paraguay largely avoided, with Petro’s term ending in August 2026, and neither leading presidential candidate publicly discussing digital assets.
Brazil’s mining output climbed 133% year-over-year to 3.5 EH/s in Q2 2026, driven by the 2024 deregulation of its ACL power market, which lets large consumers negotiate directly with generators.
French utility company Engie is evaluating Bitcoin mining or energy storage at its 895 MW northeast Brazil solar plant to reduce curtailment losses from renewable energy. In April 2026, Brazil’s largest bank Itaú Unibanco invested up to $10 million through its venture arm into Minter, a mobile data center company converting curtailed renewables into Bitcoin, with CEO Stefano Sergole targeting 500 MW of capacity by 2029.
🚨 BREAKING ‼️
Itau, Brazil's LARGEST bank is NOW mining Bitcoin…
Wonder what bull sh!t Peter Schiff would pull out of hus b00mer nose hairs about this fact. pic.twitter.com/f7ib8cG8YV
— ₿TC-GUS🧡🪢 (@Scavacini777) April 27, 2026
Yet Brazil’s broader crypto policy remains mixed. Resolution BCB 561, published by the country’s central bank on April 30, 2026, and effective October 1, 2026, prohibits eFX-licensed payment firms from using stablecoins or crypto for cross-border settlement. While mining gets regulatory space, crypto payments face tighter restrictions.
Colombia’s renewable ambitions still face major infrastructure bottlenecks.
La Guajira, home to Riohacha and the Wayúu community, has faced chronic grid constraints delaying integration of its wind and solar resources. In January 2026, Colombia’s Ministry of Mines and Energy committed $1.7 billion to the “Connected Caribbean” program, targeting up to 6 GW of new renewable capacity and addressing longstanding interconnection bottlenecks.
Without these upgrades, including stalled projects like the Colectora transmission line, dispatching surplus electricity at the scale required for industrial Bitcoin mining remains difficult. The challenge underscores a broader regional lesson: abundant renewable energy alone doesn’t automatically translate into mining dominance.
Share
preferred on
